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The
approval is crucial for the troubled conglomerate, which needs
billions of dollars in fresh funding to tide it over before it
can complete the sale of the memory chip unit, which is expected
to raise around 2 trillion yen.
Some small lenders have baulked at the offer as they have been
offered other Toshiba assets as collateral, such as its group
companies' shares and real estate.
A few have not yet given their approval ahead of a Friday
deadline, but Toshiba's main lenders expect all creditors to
give their consent, said the sources, who were not authorized to
discuss the matter publicly.
In exchange for the chip unit stake as collateral, Toshiba hopes
to get about 300 billion yen in fresh loans and to be able to
draw down loan commitments worth 680 billion yen, the sources
said.
The loan commitments - promises by lenders to lend money - were
previously set up, but Toshiba needs approval to draw money from
the banks given its financial problems.
($1 = 108.8800 yen)
(Reporting by Taiga Uranaka and Taro Fuse; Editing by Ian
Geoghegan)
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